February 11, 2020, Vancouver – Ceylon Graphite Corp. (“Ceylon Graphite” or the “Company”) (TSX-V: CYL) (OTC: CYLYF) (FSE: CCY) is very pleased to announce that it has achieved 99.9997% Cg purity utilizing a thermal purification process with vein graphite from our K1 Mine. In addition to these positive, high-purity graphite results, it is important to note that Thermal Purification is environmentally responsible and sustainable and does not utilize acids that are commonly regarded as dangerous and environmentally harmful. (I.e. Hydrofluoric acid – as is a standard used in Chinese graphite purification for spherical graphite for battery grade graphite). The main market driver moving forward for natural graphite will be from lithium ion battery anode requirements that will require a minimum of 99.95% Cg for use in batteries.
Flake Graphite Projects aspiring to produce purified graphite for various secondary applications require Primary Processing of mined graphitic material which typically grades less than 20% Cg in the ground. This adds to higher OPEX and CAPEX requirements. Ceylon Vein Graphite requires no primary processing. “As mined” vein graphite grading > 90% Cg in the ground only requires sizing prior to the purification furnace.
About Ceylon Graphite Corp
Ceylon Graphite, is a public company listed on the TSX Venture Exchange (CYL: TSX-V), that is in the business of mining for graphite, plus the exploration for and development of graphite mines in Sri Lanka. The Government of Sri Lanka has granted the Company an IML Category A license for its K1 site and exploration rights in a land package of over 120km². These exploration grids (each one square kilometer in area) cover areas of historic graphite production from the early twentieth century and represent a majority of the known graphite occurrences in Sri Lanka. Graphite mined in Sri Lanka is known to be some of the purest in the world, and currently accounts for less than 1% of the world graphite production.
Further information regarding the Company is available at www.ceylongraphite.com
Bharat Parashar, Chairman and & Chief Executive Officer
info@ceylongraphite.com Corporate Communications (604) 559-8051
On behalf of the Board of Directors of CEYLON GRAPHITE CORP.
Bharat Parashar, Chairman and Chief Executive Officer
QUALIFIED PERSON
Donald K. D. Baxter, P.Eng., Director of Ceylon Graphite Corp., is a Qualified Person as defined by National Instrument 43-101 (“N.I. 43-101”) guidelines, and has reviewed and approved the content of this news release.
Forward-Looking Information
This press release contains forward-looking information based on current expectations. Statements about the acquisition or disposition of securities of the Company by the Acquiror, among other things, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of the Company. Risk factors that could cause actual results or outcomes to differ materially from the results expressed or implied by forward-looking information include, among other things: changes in laws, general economic and business conditions; and changes in the regulatory regime. The final exchange bulletin will not be issued if the Exchange determines that the Company has not met the conditions set out in the Exchange’s conditional approval letter. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements.
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